The rating on Trinity River Authority, Texas' Central Regional Wastewater System's (CRWS) bonds reflects: * Credit strengths of the member cities, * Low treatment rates, and * Adequate treatment capacity until 2010. Wastewater from all or portions of 20 cities and the Dallas-Fort Worth Airport is collected and treated within the CRWS, serving a population of approximately 1 million. The participants are unconditionally obligated to make monthly payments to the authority, which covers the debt service and operating expenses, based on their annual pro-rata share of contributing flow to the treatment plant. Each municipality's payment is an operating expense of its water and sewer system with 50-year contracts expiring between 2023-2040. Debt service obligations are joint with effective unlimited step-ups.
